Question

Explain real and nominal accounts with examples.​

Answer 1

Explanation:

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Explain real and nominal accounts with examples.

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• The entire purpose of a nominal account is to track the revenue and expenses for a company so that the net profit or net loss for a specific period can be calculated. Examples of nominal accounts are service revenue, sales revenue, wages expense, utilities expense, supplies expense, and interest expense.

Answer 2

Answer:

A real account are the balance sheet accounts which include the following:

Asset accounts ( cash,account, receivable, building, etc) liability account (notes payable, account payable, wages payable, etc) stock holders, equity accounts (common stock,retained earning, etc)